To reduce the risk of making a mistake and paying the wrong person, and to help avoid potential scams, we’re working with the New Zealand banking industry to introduce a new Confirmation of Payee service.
What’s changing?
From end of March 2025, when making a domestic payment or managing payees using ICBC NZ Personal Internet Banking and Personal Mobile Banking, this service will check if the account holder name and number match. Depending on the outcome of the check, you will receive a notification of match, partial match or not a match.
Important: No matter the notification, you can still go ahead. Please check the account details and make sure you know and trust the payee, as payments may not be recovered if they're sent to the wrong person or business.
What do you need to do?
When making a payment within New Zealand (excluding choosing from the public payee list), make sure you ask for their full first and last name or business account name, along with the correct account number.
If you’re expecting a payment, make sure you give your account holder name along with the correct account number. Your account holder name is your legal first and last name that you used when you set up or updated your account. You can also check or copy your account holder name and number in Personal Internet Banking and Personal Mobile Banking by:
● Login into Personal Internet Banking, your account holder name is displayed on the top left, click My A/C ->Check Accounts->Account Enquiry to check or copy your account details.
● Login into Personal Mobile Banking, your account holder name is displayed on the top left, click Current & Savings, then click View to check or copy your account details.
We’re always here to help
It’s always important to remain vigilant when making a payment. Confirmation of Payee won't fully identify mistakes or scams or provide a check on payments to overseas bank accounts. Be wary of any emails or phone calls about this new service. ICBC NZ will never contact you by email or phone to ask you for your login details.